Item 3: Resolution on GO Bond for Streets

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the City Manager to “bring a proposal to a future council work session for a GO Bond measure to fund $81 million of pavement capital preservation projects over 10 years within an appropriate timeframe to place the question on the May 2008 ballot. The proposal should include ballot measure language that provides for both a list of high priority pavement capital preservation projects and appropriate flexibility for planning activities and changing pavement capital preservation project priorities.” On January 28, council continued discussions of an approach to use General Obligation bonds for street preservation projects. Council directed the City Manager to “bring a resolution forward placing an $81 million General Obligation bond measure to be used for preservation only, no system capacity enhancements, on the November 2008 ballot.” A friendly amendment was added to provide a complete project list as part of the ballot measure. The $81 million bond measure will provide for $6.5 million of overlays and reconstruction activities each year, factoring in the cost of inflation over a 10-year period. On June 9, council continued discussions about using General Obligation bonds for street preservation projects. At that meeting, council directed the City Manager to bring back a resolution placing an $81.1 million GO bond measure on the November 2008 ballot, consistent with the initial project list and the draft resolution provided at that meeting. There remained, however, significant questions about how to provide assurance to voters as to which specific street repair projects would be accomplished as a result of approval of the bonds, what the appropriate timing of the bond measure should be, and how citizens will be informed about the need for the bond measure. On June 23, council discussed street assessment policies. At that meeting, several councilors requested information about including an element in this bond measure to fund the City’s share of assessment project costs. On July 16, council continued discussions about the GO bond measure. At that meeting, council directed the City Manager to bring back two bond resolutions, one for $35.9 million of projects over 5 years and one for $81.1 million of projects over 10 years. The measure for five years should not include any provision to remove projects from the list, but should allow bond funds to be used for additional projects, upon a council vote, for the next highest street preservation projects on the city’s list once all the other projects are complete. The ten year measure should allow for changes in the project list, upon th an affirmative vote by at least 6 councilors, in the 10 year of the measure. Z:\CMO\2008 Council Agendas\M080728\S0807283andattA.doc